Kids to VT?

Well, it is hard to imagine but all three of my kids are placing VT at the top of their preferred college list. This comes as quite a surprise as all 3 are born and raised here in Newport Beach. My daughter is a Senior now and I am beginning to do some planning. We won't know for sure for several months where she chooses to go but one can only hope!

I guess taking them back to the burg several times while they grew up may pay dividends!

So, I am in Real Estate and I don't like to pay rent so of course I am looking at buying a place for them to live and then either keep or sell. I am thinking a 3bd (preferred townhouse) on the eastside that is walk/bike distance to campus. I used to live at the Roanoke St apartments so I am biased to that area.

Do any of you have a solid reference for a broker who covers Blacksburg and who may even specialize in residential investment properties?

Thanks guys.

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Fantastic. Sending an email now. Cheers.

You, my friend, are a champ. Not a chump.

"Why gobble gobble chumps asks such good questions, I will never know." - TheFifthFuller

Yep, this.

I am not sure what to do with my hands now

Hi Law!! Would you consider any Christiansburg locations? Ones that are convenient to blacksburg? Of course that would eliminate walking to class, but can be had at a savings!

I'm selling my home (not a townhome) near the cburg center this fall.

Where's your house located at? I'm actively looking in the Christiansburg area.

In the neighborhood across the street from Horne Funeral Home.

Sorry... l want to buy as close to campus as possible... definitely walking to downtown. I don't want my kids tempted to drive after a big night out. :)

Also denying them the seminal experience(s) of living close to campus and near their friends with a move to C'burg.

I read this as you want them to be as close so you don't have to drive when you visit for football games.

You want your kids to follow...The Law.

Amateur superstar and idiot extraordinaire.

As someone that was 1 of 4 siblings that all at some point of their college career lived in my parents condo in Blacksburg this is a great investment for both you and your kids. I didn't appreciate it as much as I should have until I moved out and lived in another apartment senior year.

(add if applicable) /s

Fantastic comments. Love you guys. My daughter loves repping her Virginia Tech shirt at school. It's amazing how many of her friends (she goes to Newport Harbor) are all looking at schools in the south. It seems like half my peers are moving to Franklin. The funny part is nobody ever mentions VT. She has friends going to Clemson, Florida, Baylor, Auburn, etc. but not one of them went to Blacksburg for a campus visit.

The SEC has largely a limited academic standard, and actively recruits from other parts of the county to raise the school admission score and academic level higher than would be possible with a predominately in state population. They do this by offering out state students a tuition rate reduced to at or near in-state levels for "high" academic achievers. We live in NC. The cost of going to Clemson or USC for our boys was close to that of going to NCState or UNC, and less than half of VT or UVA.

Sometimes we live no particular way but our own

If you track values, you'd see that 3-4 BR units have gone up 50% or more since 2018. And there is a lot construction of units all over town- considerable supply coming on line soon.

'Its easy to grin, when your ship comes in, and you've got the stock market beat,
but the man worthwhile, is the man who can smile, when his shorts are too tight in the seat'

I sold my 40K condo last year for 155K.

As an parent of 2 kids living in NC, my bank account cringes at the thought of both of my girls wanting to go to VT when they're ready for college.

Part of me is really banking on the tuition bubble popping sometime in the next 15 years.

I will not donate to Virginia Tech Athletics as long as Justin Fuente is the head coach of VT Football. Enough is enough.

I'm kind of hoping mine decides she wants to be a plumber. Coming from the dad who used to whisper in her ear when she was little: "Don't be a chemist ... don't be a chemist."

Recovering scientist working in business consulting

Water and Wastewater Treatment Plant Operators also make nice bank.

Good welders generally make 6 figures if they are willing to work on the pipelines.

and I'd encourage anyone to look into getting a Class-A CDL. everyone needs drivers right now.

VT '10--US Citizen; Virginian By Birth; Texan By the Grace of God.

Rick Monday... You Made a Great Play...

Romanes Eunt Domus

Anyone? You know we have people from Maryland on TKP, right? You want to put them behind the wheel of a semi?

You know what ol' truck driver Jack Burton says at a time like this...

If you play it, they will win.

"How the ass pocket will be used, I do not know. Alls I know is, the ass pocket will be used." -The BoD

Just like TKP.

Your mind went straight to the worst case scenario.

Expect the worst and you'll never be disappointed or unprepared, my friend.

If you play it, they will win.

"How the ass pocket will be used, I do not know. Alls I know is, the ass pocket will be used." -The BoD

VT '10--US Citizen; Virginian By Birth; Texan By the Grace of God.

Rick Monday... You Made a Great Play...

Romanes Eunt Domus

This has been true for 10 years or more, hugh demand, can make good money. If you want to travel 6 figures is highly doable. If you want day trips then $70k is doable.

The industry is dying out and its going to be a long time before our infrastructure is ready for automated trucking.

I'm working hard to convince all 4 of my girls to either play golf and go to Tech or go to UCF and work at Disney so the mouse pays for school.

Wet stuff on the red stuff.

Join us in the Key Players Club

Mickey is paying for my MBA. πŸ˜€

I don't know what a Hokie is, but God is one of them!

If I could find a remote job or even one I could come down for not everyday I would apply in a second. They had a cruise line job that was perfect, crisis Managment but I was a Fay late in seeing it. Hopefully they will be bringing back the college payment program for new cast members soon.

Wet stuff on the red stuff.

Join us in the Key Players Club

I just learned yesterday that the head of safety at Disneyland might be a Hokie. I know that's no help to you, but I thought it was a cool fact. Potentially.

Wait, what?

Unsolicited opinion:

I think that it's best for most students to live in dorms their first year. Education comes from a lot of other places than a book and class rooms. Learning to deal with lots of different people is important. Also you meet more people that way. Thry might not be life long friends or even make it to you sophomore year, but its an experience that lots of people don't get anywhere else.

Your kids, your money, thats all up to you to decide. But while I hated my roommate, hated the fire alarm war with Pritchard, hated not being able to leave my laundry, I wouldn't change a thing.

I agree. I learned so much I'd NEVER have learned if I'd had my own apartment freshman year.

Doesn't mean you can't buy a condo and rent rooms to re-coop the investment. But with inflated prices, is real estate really the best investment right now? I guess a realtor might see it differently, or might have a cash-flow approach that would work.

Yup, the plan is definitely to have her live on campus the first year. I could take the condo down now and rent it out and have her manage the tenants (and learn how to run an investment property). I've done the math and based on purchase prices vs rent payments I am seeing quite comfortably how to receive an 8-10 percent cash on cash return and also turn a negative room/board commitment for three years into a cash flow positive one with the upside of longer-term appreciation. If you have the capital deploy to me it is a no brainer. I am firm believer in not paying rent. I am currently looking into whether capital and subsequent mortgage payments for the residence could qualify under the 529 guidelines. This way she would have equity built up so she can 1031 into another place once she qraduates and start a positive financial pattern of home ownership versus paying rent. I HATE paying rent and it is one of my tenets for a sound financial plan.

It's an unwritten law that it's my lunch pail. I've issued the challenge. If someone outworks me, they can get it.
Darryl Tapp

Friends of mine (husband and wife) have a realty company that they own together but she got started in college by renting out the house she bought in Knoxville. She still owns the house and it's part of their portfolio. So one of your kids my learn to like doing that and make a career of it.

So you're talking about buying cash and 8-10% return?

'Its easy to grin, when your ship comes in, and you've got the stock market beat,
but the man worthwhile, is the man who can smile, when his shorts are too tight in the seat'

Not sure what your question is... cash on cash return is the actual cash yield from your actual cash outlaid for the investment.